The UAE supplies almost 3% of global oil demand and has plans to reach 1 billion cubic feet per day of unconventional gas production before 2030.
The Abu Dhabi National Oil Co (Adnoc) plans to exhaust all its oil and gas reserves even as the world transitions away from fossil fuels, according to upstream executive director Abdulmunim al-Kindy.
In an interview with Reuters at the ADIPEC oil and gas conference, al-Kindy said that “oil is our gold.”
“With the reserves we have, the challenge we have is monetising it at the right time,” he added.
The UAE supplies almost 3 percent of global oil demand.
Adnoc has also undertaken a significant expansion of its natural gas production, for which demand – particularly from Asia – is expected to rise in the future. It has also announced it is seeking investment opportunities in liquefied natural gas (LNG).
“Whatever resources we have, we are going to really drive the monetisation of these resources,” al-Kindy added. “We are not going to leave anything in the ground if we can.”
“That’s the bottom line. Be it gas, conventional or unconventional, oil, conventional or unconventional, it is going to come to the market and that’s our aim,” he said.
Adnoc plans call for the company to reach 1 billion cubic feet per day of unconventional gas production before 2030.
In a separate announcement, Adnoc said that its in-county value (ICV) programme has driven more than AED 26 billion ($7 billion) back into the UAE’s economy in 2019.
To date, ICV spend has totalled AED 44 billion ($12 billon). The amount that Adnoc and its contractors spend on local products, manufacturing, assembly facilities, services and infrastructure is expected to increase more as Adnoc delivers against its AED 486 billion capital expenditure plan for 2019-2023.